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Posted 06-30-2009 at 01:20 PM by murray (Murray's Blog)
SOUTH WALTON RESIDENTIAL LAND SALES—MAY 2009
BUYERS, regardless that of the fact that the majority of the lot listings are over-priced, there are some excellent buying opportunities for residential lots. Remember, “only dead fish go with the flow.” If you like the property and can afford it, what is stopping you? Are you waiting for everyone else to buy, before you jump in? How likely is it that anyone can time the market? Did the masses time the market when they were running to buy in 2004 and 2005? Reflecting on history, when the masses want to sell, that is the time to buy, and when the masses want to buy, that is the time to sell. It’s difficult to go against the flow, but it seems to be the way for the savvy thinkers.
PRICE TRENDS: Median sold price has increased over the last three months, but looking at the trend-line (6 month moving average of the median sold price), we see that trend-line continue its slightly downward path. As the writers at NAR (National Association of Realtors) wrote in a recent news article, “one month, doesn’t a trend make.” Inventory continues to decrease, but only slightly, and until we have more equilibrium in the market, I don’t think we can see an increase in sales prices.
New Listings: 124…...Median Price: $249,000
Contingent: 35…..Median Price: $169,000
Pending: 37…..Median Price: $165,000
Sold: 29…..Median Price: $150,000
Withdrawn: 40…..Median Price: $257,500...
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